Latest news with #LiChenggang
RTHK
10 hours ago
- Business
- RTHK
China-US trade talks to stretch into second day
China-US trade talks to stretch into second day Attending the talks are from right - Vice Minister of Commerce Li Chenggang, Commerce Minister Wang Wentao, Vice Premier He Lifeng, US Treasury Secretary Scott Bessent, US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer. Photo: Reuters Chinese and United States officials are set to meet on Tuesday for a second day of trade talks in London, seeking to shore up a tariff truce. The gathering of key officials from the world's two biggest economies began on Monday in the historic Lancaster House, run by the UK Foreign Office, following an earlier round of talks in Geneva last month. Vice Premier He Lifeng was again heading the team in London, which included Commerce Minister Wang Wentao and China International Trade Representative Li Chenggang. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are leading the US delegation. The talks wrapped up Monday evening and were expected to restart on Tuesday, according to China's state broadcaster CCTV. Beijing and Washington are trying to revive a temporary truce struck in Geneva that had briefly lowered trade tensions and calmed markets. The Geneva pact to cool tensions temporarily brought new US tariffs on Chinese goods from 145 percent to 30 percent, and Chinese countermeasures from 125 percent to 10 percent. (Agencies)
Business Recorder
19-05-2025
- Business
- Business Recorder
China urges US to correct ‘wrongdoings' on AI chip curb
BEIJING: China on Monday urged the United States to 'immediately correct its wrongdoings' and stop 'discriminatory' measures after the U.S. issued guidance warning companies not to use advanced computer chips from China, including Huawei's Ascend AI chips. The U.S. action seriously undermined consensus reached at the high-level bilateral talks in Geneva, a statement from China's commerce ministry said, vowing resolute measures if the U.S. continues to 'substantially' harm China's interests. The U.S. Commerce Department issued guidance last week alerting businesses to the risk of violating U.S. export controls by using Chinese chips. 'The U.S. has been abusing export control measures, imposing stricter restrictions on Chinese chip products under unfounded accusations… China firmly opposes this,' the Chinese ministry said. 'Trying to trip others won't make oneself run faster,' it added, warning that Washington's move could ultimately harm the U.S.'s own industrial competitiveness. US freight industry hopes for back-to-school demand boost after tariff truce The comments came after China and the U.S. reached an unexpected 90-day tariff truce earlier this month following trade talks in Geneva, in which both sides agreed to scale back triple-digit duties levied on each other's products as they work towards a more permanent deal. China's Vice Commerce Minister Li Chenggang and U.S. Trade Representative Jamieson Greer - both negotiators in the Geneva talks – also met last week on the sidelines of an Asia-Pacific Economic Cooperation meeting in South Korea. Neither side has issued a statement on the details of the discussions.
CNA
19-05-2025
- Business
- CNA
China urges US to 'correct wrongdoings' on Chinese AI chip curb
BEIJING: China on Monday (May 19) urged the United States to "immediately correct its wrongdoings" and stop "discriminatory" measures after the US issued guidance warning companies not to use advanced computer chips from China, including Huawei's Ascend AI chips. The US action seriously undermined the consensus reached at the high-level bilateral talks in Geneva, a statement from China's commerce ministry said, vowing resolute measures if the US continues to "substantially" harm China's interests. The US Commerce Department issued guidance last week alerting businesses to the risk of violating US export controls by using Chinese chips. "The US has been abusing export control measures, imposing stricter restrictions on Chinese chip products under unfounded accusations ... China firmly opposes this," the Chinese ministry said. "Trying to trip others won't make oneself run faster," it added, warning that Washington's move could ultimately harm the US's own industrial competitiveness. The comments came after China and the US reached an unexpected 90-day tariff truce earlier this month following trade talks in Geneva, in which both sides agreed to scale back triple-digit duties levied on each other's products as they work towards a more permanent deal. China's Vice Commerce Minister Li Chenggang and US Trade Representative Jamieson Greer – both negotiators in the Geneva talks – also met last week on the sidelines of an Asia-Pacific Economic Cooperation meeting in South Korea.
South China Morning Post
16-05-2025
- Business
- South China Morning Post
China's message on trade deals is clear: multilateral is the only way
In the mad scramble to understand the narrative around the latest US-China trade 'deal' , almost no one has raised the question of why discussions were held in Geneva. Advertisement The answer is simple. It goes a long way towards helping one understand the outcome. It explains why, despite narratives to the contrary, there was no winner, with the journey to any resolution likely to be long and fraught. In having the meetings in Geneva at the gated residence of Switzerland's UN ambassador, the Chinese message to US President Donald Trump was clear: if you want to resolve US concerns with the world trading system, this must be done multilaterally, with Geneva – where the World Trade Organization and a large number of United Nations organisations are headquartered – the natural backdrop. It was no accident that alongside He Lifeng, head of Beijing's negotiating team, was Li Chenggang , for many years China's WTO ambassador and an expert on the multilateral rule book. Most commentators homed in on the terms of the US-China 'deal', but they should have paused to realise no bilateral deal was really going to be struck in Geneva. True, the headline tariffs were slashed from stratospheric and unsustainable levels, but these cuts amounted to an unravelling of April 2 tariff measures that were glaringly non-compliant with WTO rules. Advertisement
Free Malaysia Today
16-05-2025
- Business
- Free Malaysia Today
South Korea set to resume US tariff talks at Apec
HD Hyundai said this is the first time a US trade representative has met South Korea's shipbuilding industry. (EPA Images pic) JEJU : South Korea is set to resume tariff talks with Washington on the sidelines of a key Apec meeting today, an official told AFP, as ministers jostle to meet US trade representative Jamieson Greer. Trade ministers from the top economies that make up Apec are meeting on South Korea's Jeju Island amid concerns over the global trading system after US President Donald Trump unveiled bombshell levies on most partners last month. AFP reporters saw ministers scurrying to meet Greer, who has been holding a series of bilateral negotiations. Among them was Chinese international trade representative Li Chenggang, just days after the two met in Geneva and agreed to slash tit-for-tat tariffs for 90 days. Greer is also scheduled to meet South Korean trade and industry minister Ahn Duk-geun today, a South Korean government official told AFP, with Seoul hoping for significant progress in talks to avoid Trump's steep tariffs. The two met in late April in Washington, where South Korea proposed a 'July Package', aimed at removing tariffs. South Korea, which recorded a US$66 billion trade surplus with the US last year, behind only Vietnam, Taiwan, and Japan, making it a key target of Trump's trade bazooka. Highly dependent on exports, the country has been hit hard by the 25% tariffs on automobiles imposed by President Donald Trump in early April. The auto industry accounts for 27% of South Korea's exports to the US, which takes in nearly half of the country's car exports. Trump announced additional 'reciprocal' tariffs of up to 25% on South Korean exports last month, but later suspended them until early July. Seoul aims to leverage the talks with commitments to purchase more US liquefied natural gas (LNG) and offer support in shipbuilding, a sector in which South Korea is a leader, after China. Earlier today, Greer met Chung Ki-sun, the vice chairman of HD Hyundai, which owns South Korea's country's largest shipbuilding company. HD Hyundai said in a statement the gathering marked the first time a US trade representative had met an of South Korea's shipbuilding industry, adding that discussions covered cooperation with US shipmaker Huntington Ingalls Industries. Greer is also set to meet the CEO of South Korean shipbuilder Hanwha Ocean, which provides maintenance, repair and overhaul services for US Navy vessels. Shares of Hanwha Ocean rose nearly 3% this morning, while HD Hyundai Heavy Industries gained as much as 3.6%.
